The Australian Securities and Investments Commission (ASIC) has given the Australian Financial Complaints Authority’s (AFCA’s) Complaint Resolution Scheme Rules the tick of approval as the scheme nears commencement.
ASIC also approved the Terms of Reference of the AFCA Independent Assessor (IA), which ASIC deputy chair, Peter Kell, said marked another milestone towards the Authority’s commencement on 1 November this year.
“The approval of the AFCA Rules and the IA Terms of Reference follow a period of public consultation and feedback, and both AFCA and ASIC appreciate the timely contributions from industry and consumer representatives to that process,” he said.
“Further material changes to the AFCA scheme will also need to be approved by ASIC.”
Chair of the AFCA board, Helen Coonan, welcomed the approval and said she looked forward to working with the corporate regulator in implementing the reforms.